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OZMA-Washington-DC
DevelopmentNewsNortheastWashington, D.C.

Skanska Tops Out 12-Story OZMA Development in Washington, D.C.

by Kari Lloyd

WASHINGTON, D.C. — Skanska has topped out OZMA, a 12-story, mixed-use development, at 44 M St. Northeast, in the city’s NoMa neighborhood. Designed by Handel Architects, OZMA will feature 275 units and 7,700 square feet of retail space. The ground floor will include a secret garden, library lounge, meeting and workspaces, fitness center with flex studio and an art studio with a social bar. The penthouse offers a wellness center with tranquility cabanas, outdoor fireplace and solarium garden. The top floor also offers an expansive terrace with a heated pool, …

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Mountain Park's cabana and pool area, with the white multifamily building behind it.
ArizonaInvestment SalesNewsWestern

LaSalle Investment Management Buys Mountain Park in Phoenix

by Channing Hamilton

PHOENIX — Sares Regis Group has sold Mountain Park, a 240-unit community in Ahwatukee Foothills, which is about 20 miles south of Phoenix. The buyer was LaSalle Investment Management. Institutional Property Advisors (IPA) brokered the sale, with IPA Executive Managing Directors Cliff David and Steve Gebing representing the seller and procuring the buyer. Mountain Park was sold under Newport Beach, California-based Sares Regis Group’s Multifamily Value-Add Fund III, which is equity focused on Class B properties in the Western states, primarily in Southern California, Seattle, Portland, Oregon, and Phoenix. Built …

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Affordable HousingDevelopmentNew YorkNewsNortheast

New York City Housing Authority Selects Partners for $128.5 Million in Property Improvements in the Bronx

by Kari Lloyd

NEW YORK CITY — The New York City Housing Authority (NYCHA) has selected Beacon Communities, MBD Community Housing Corp. and Kalel Holdings as a new partner team to deliver $128.5 million in repairs and improvements to 952 apartments across the northeast Bronx. The renovations are expected to start in 2024. A completion date was not disclosed. The improvement plan will be delivered through the Permanent Affordability Commitment Together (PACT) program and will cover three NYCHA properties: Boston Secor, Boston Road Plaza and Middletown Plaza, affecting 1,700 residents. Planned improvements include …

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Roosevelt Square Chicago Illinois
DevelopmentIllinoisMidwestNews

Partnership Breaks Ground on Phase 3B of Roosevelt Square, Plans Over 2,000 Units

by Kari Lloyd

CHICAGO — The City of Chicago Housing Authority (CHA), Department of Housing and local development company, Related Midwest, have broken ground on Phase 3B of Roosevelt Square, a 160-acre mixed-use development on the near west side of the city. The project is set to create a total of over 2,000 new housing units in the area.  Phase 3B includes the construction of three new mid-rise buildings with 92 market-rate units, 80 units for families with CHA subsidies and 50 affordable or workforce apartments. As part of this phase, Related Midwest …

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Range at Reunion, a three-story multifamily building. The first floor is brick, the second and third are beige siding.
ColoradoInvestment SalesNewsWestern

SouthWestern Property Corp. Sells 180-Unit Community in Denver Suburb for $65 Million

by Channing Hamilton

COMMERCE CITY, COLO. — SouthWestern Property Corp. has sold Range at Reunion in Commerce City, which is 7 miles northeast of downtown Denver, for $65 million. Walker & Dunlop arranged the sale on behalf of the seller and the private buyer in a 1031 exchange. Brokers Dan Woodward, Dave Potarf, Matt Barnett and Jake Young comprised the investment sales team. The 180-unit Range at Reunion was developed in 2022. Amenities include a fitness center, clubhouse, business center, conference room, pool and dog park.

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IndianaInvestment SalesMidwestNews

Marcus & Millichap Arranges Sale of 129-Unit Property in Connersville, Indiana for $5.6 Million  

by Kari Lloyd

CONNERSVILLE, IND. — Marcus & Millichap has arranged the sale of Turtle Creek Apartments, a 129-unit property located in Connersville. The property was sold to an undisclosed limited liability company for $5.6 million. Aaron Kuroiwa and Tony Rogers from Marcus & Millichap’s Indianapolis office represented both the seller, an undisclosed limited liability company, and the buyer in the transaction. Turtle Creek Apartments is located at 3600 Western Ave. in Connersville. The apartments consist primarily of studio and one-bedroom units and recently underwent capital improvements including a new roof, parking lot, …

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DevelopmentIndianaMidwestNews

Olive Tree Holdings Begins $6 Million in Capital Improvements to 320-Unit Property in Indianapolis

by Kari Lloyd

INDIANAPOLIS — Olive Tree Holdings, a New York-based private investment company, has begun a $6 million modernization of The Life at Creekside Reserve located in Indianapolis. Improvements to the 320-unit, garden-style complex are slated for completion in the third quarter of 2024. Situated on more than 28 acres of land, The Life at Creekside Reserve is a gated community comprised of 16 three-story buildings, and 320 units across a mix of one-, two- and three-bedroom layouts. Current amenities at the propertyinclude a daycare facility, clubhouse, fitness center, playground, laundry facilities …

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IllinoisInvestment SalesMidwestNews

Kiser Group Arranges Sale of 155-Unit Property in Andersonville in Chicago for $53 Million

by Kari Lloyd

CHICAGO — Locally based Kiser Group has arranged the sale of 155-unit Anderson Point in Chicago’s Andersonville neighborhood for $53 million. The transaction was arranged by Lee Kiser, Katie LeGrand and Jacob Price of Kiser Group. The buyer, Lake Street Lofts LLC, purchased the property from MCZ Edgewater Development LLC in a 1031 exchange. Anderson Point is an adaptive reuse of the Edgewater Medical Center and was transformed by the seller in 2021. Anderson Point offers a mix of studio, one-, two- and three-bedroom units. Amenities include indoor parking, in-unit …

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625 Kennedy Blvd North Bergen
Investment SalesNew JerseyNewsNortheast

Redwood Realty Arranges $2.5 Million Sale of 24-Unit Property in North Bergen, New Jersey

by Kari Lloyd

NORTH BERGEN, N.J. — Redwood Realty Advisors has arranged the sale of a 24-unit property at 625 Kennedy Blvd. in North Bergen. Situated in New Jersey’s Gold Coast area, the asset sold for $2.5 million in an all-cash transaction. The property has had not changed hands in over 25 years. The undisclosed buyer and seller were both represented by Steven Matovski, director of Redwood Realty. All units at the 625 Kennedy Blvd. property are one-bedroom layouts. Roughly 30 percent of the units were vacant as of the close of sale. …

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Affordable HousingDevelopmentNewsTexas

Mintwood Real Estate, MSquared, Mirasol Capital Break Ground on Mixed-Income Community in Dallas

by Channing Hamilton

DALLAS — Mintwood Real Estate, MSquared and Mirasol Capital have broken ground on Oakhouse in the southwest Dallas neighborhood of Oak Cliff. An undisclosed amount of financing was provided by Independent Financial. Oakhouse will comprise 219 units, 110 of which will be reserved for households earning at or below 80 percent of the area median income (AMI). Community amenities at Oakhouse will include a rooftop lounge, pool, dog park, fitness center and co-working spaces. A construction timeline for the development was not disclosed. The project team also includes general contractor …

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